I’m a first time home buyer looking to buy a 1-2 bedroom, older apartment in inner suburbs of Melbourne to live in. I have no interest in buying a bigger property in the outer suburbs. There are an abundance of decent-looking properties in the NE, NW and W suburbs. But I’ve read that buying apartments should be avoided due to oversupply. Are apartments likely to depreciate in value in the next 10 years? What does this mean for people like me, who want to buy a modest apartment to reside in for the medium term but will probably decide to sell the property in the distant future when we can afford something better?
Hi Jinx 77 If you are looking to be an owner occupier I suggest you look for a sizable apartment where you want to live and chances are it could be worth double in ten years time. No one knows for sure but if there is a drop in value or at least not massive capitol gain I feel this may be limited to small and undersized apartments. You are a good chance to do well in a larger apartment, I would choose an older one that is big over a newer one that is undersized. PAUL
That should not be a huge concern for a live in proposal. Would be more worried about shared maintenance costs. The Y-man
